A Research On The Risk Control Of Green Supply Chain Finance Under Government Subsidies

In the background of global sustainable development,carbon emission reduction and green development have become the focus of China’s "fourteenth fiveyear plan".The introduction of green development into the supply chain is the trend of promoting green transformation of manufacturers and reducing environmental damage in the future.Green supply chain finance links corporate profits with its social responsibility,which can effectively promote manufacturers to enhance environmental management in the production process through finance.Therefore,as a means of environmental protection,green supply chain finance can provide a reference for sustainable development,and this concept has gradually become a research topic of many scholars.At present,the implementation and research of green supply chain finance in China is still in the exploratory stage,and the research and implementation experience in this aspect is relatively little.In addition,most of the previous literature studies green supply chain finance from a qualitative perspective,while the quantitative literature only considers the impact of the interaction between supply chain enterprises or the manufacturers and commercial banks on the implementation of green supply chain finance.Therefore,it is necessary to use game theory to analyze the impact of the interaction of two or more stakeholders on the implementation and development of green supply chain finance,and establish a more complete capital chain,so as to provide suggestions for the implementation and development of China’s green supply chain finance strategy.Based on the review of domestic and foreign research,this paper proposes a model of green supply chain finance with four stakeholders: the government,commercial banks,manufacturers and sellers,then uses complete information dynamic game theory and reverse induction to construct and solve the dynamic game model between manufacturers and sellers under government subsidies and green credit of commercial banks.By studying the game behavior of supply chain participants with and without government subsidies,the green degree of manufacturers,the order quantity of sellers and the income of each participant in the supply chain are obtained.Then,the numerical simulation is carried out by using mathematical modeling analysis tools to discuss the impact of different parameter changes on the decision and revenue of each participant,so as to provide reference for government departments to implement the development strategy of green supply chain finance and the risk control strategy of commercial banks.Finally,according to the results of the model and numerical analysis,the relevant conclusions are drawn:(1)the implementation of green supply chain finance can not only strengthen the environmental management of supply chain enterprises,but also enhance the awareness and responsibility of financial institutions for environmental protection;(2)green supply chain finance under government subsidies can effectively improve the order quantity and profits of sellers;(3)the financing strategy of manufacturers has an important impact on the implementation of green supply chain finance under government subsidies;(4)the bank loan interest rate is the key factor to determine the profits of manufacturers,and the loan policy of commercial banks is important to encourage manufacturers to develop green supply chain finance;(5)government subsidies can optimize the green degree of products and the profits of supply chain participants,and promote the implementation of green supply chain finance.Based on the existing research of green supply chain finance,this paper adds the factor of government subsidies,and innovatively considers that government subsidies should be invested in commercial banks rather than supply chain manufacturers,and then uses preferential loans to encourage green production of manufacturers.At the same time,it improves the enthusiasm of commercial banks to participate in green supply chain finance.In the chapter of conclusion,this paper puts forward some suggestions for the government to develop green supply chain finance.